Detailed text transcripts for TV channel - CNN - 20180111:19

Detailed text transcripts for TV channel - CNN - 20180111:19:42:00

>> thank you, mr. secretary. you talk about the tax being flatter and 90% of the taxpayers benefiting from it. yet it would seem that under those circumstances you are going to eliminate a lot of the deductions, which so many small businesses and self-employed business people depend on. is there really a major cut in deductions? and how do you expect that will lay with the small business community? >> well, i think this is about taqsim if i cages and getting rid of deductions. a lot of deductions that rich people take. but i'll tell you on small businesses, i mean one of the best features of the tax plan are all the features that go to small and medium sized business and pass-throughs. tremendous incentives whether it's the automatic expensing or whether it's the discount for pass-throughs. i mean, we have more good news from small business than even from the walmarts of the world.

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